Intro To Human Resource Management Final Exam Study Guide

Policies
General guidelines that focus organization actions
Flexible Benefits Plan
Program that allows employees to select the benefits they prefer from groups of benefits established by the employer
Preferred Provider Organization (PPO)
A health care provider that contracts with an employer or an employer group to supply health care services to employees at a competitive rate
Garnishing
System of sharing with employees greater-than-expected gains in profits and/or productivity
Health Maintenance Organization (HMO)
Plan that provides services for a fixed period on a prepaid basis
Employee Stock Ownership Plan (ESOP)
Plan designed to give employees significant stock ownership in their employers
Managed Care
Approaches that monitor and reduce medical costs through restrictions and market system alternatives
Risk Management
Involves responsibilities to consider physical, human, and financial factors to protect organizational and individual interests
Utilization Review
Audit of services and costs billed by health care providers
Seperation Agreement
Agreement in which a terminated employee agrees not to sue the employer for specified benefits
Variable Pay
Compensation linked directly to individual, team, or organizational performance
Pay-for-Performance Philosophy
Requires that compensation changes reflect performance differences.